are operating without a debt, operating against the debt ceiling ready to hit and now putting in the biggest tax increase in this country's history in a weak economy that is growing at 1.3 percent. people are saying, well, they will get it fixed but it is already having an impact. businesses have already put off hiring. businesses have all right cut off capital spending. it is having an impact right new. there is another irony involved here, the federal reserve board made it clear they are trying to boost the stock market, they are trying to get asset prices higher, so what congress doing? they want to jump the dividend tax rate from 15 percent to 43 percent in the top bracket. this is money that has already been taxed. they want to raise capital gains taxes. this is on top of all the other tax increases that are set in three months. the notion this is going to be fixed is laughable because it is already having an impact. >>neil: here is what is laughable to me if the argument for extending the rates on the upper income for another year is that was not the environment to raise taxes on folks, an

economy under when all the bush tax cuts phase out and all the automatic spending cuts kick lo millions of americans likely to lose their jobs and millions of american families likely to face thousands more in cobere l a slope. if congress doesn't move fast, kick the recovery or maybe the country goodbye it is the story that no one is talking about. you have mentioned it, but w linat tss ao ich it. >>guest: what is amazing to me, this is the most predictable, avoidable financial crisis we have ever had in the history of this country. you are so right, if the bush tax cu eirendhe mapng cgo i ,megma -- elimination of the a.t.m. affecting 30 million people, the tax holidays goes around, unemployment benits go away, usecon if "newrrendous, 7 york times" thinks this is going to be a slope, they are dreaming. that money will come out of their checks the first of the year. we will see a slow down. i suspect we are not onlyoin aip a rssnyo yo cit honeywell or j.p. morgan, everyone can see it. >>neil: i am listening to james dime from j.p. morgan setting aside $200illion plus lls par t ssitisome

tax cuts phase out and all the automatic spending cuts kick in, a one-two punch that the most optimistic economies say will not the recovery for a loop, millions of americans likely to lose their jobs and millions of american families likely to face thousands more in taxes. "new york times" says the cliff could be more like a slope. if congress doesn't move fast, kick the recovery or maybe the country goodbye. it is the story that no one is talking about. you have mentioned it, but we are looking at the abyss and no one is touching it. >>guest: what is amazing to me, this is the most predictable, avoidable financial crisis we have ever had in the history of this country. you are so right, if the bush tax cuts expire and all the automatic spending cuts go into play, meaning the himmation -- elimination of the a.t.m. affecting 30 million people, the tax holidays goes around, unemployment benefits go away, it will are horrendous, 14 of 17 economists now say it will put us in a recession and if "new york times" thinks this is going to be a slope, they are dreaming. that money will

, congressman, you are saying that you cannot always do it by tax increases alone because it was even the democratic caucus that concluded that if you were to tax the rich at 100 percent just take all their money that would not keep medicare going beyond another five years so obviously >>guest: absolutely. there is a comprehensive way to do this and be fair and balanced. i like to use that term when i talk to you on fox. >>neil: i like that. >>neil: congressman, always a pleasure. thank you very much. we will explore this in greater detail on fox business network with senator mcconnell, and sarah palin, and former intel c.e.o. craig barrett, all coming up on fox business network. now back to fox news, the fallout from the conservatives that has not transpired in kentucky. why is that? >> to hear mitt romney's critics tell it he is changing his view midway through the campaign, not to conservative but more moderate, something santorum raised. but they are perfectly happy with this guy who is eloquently speaking for the right. rick santorum, next. try as mu as you like, an way you like!

culture and don't pay their taxes but they ruled by three foreign bureaucrats. one from the european commission. one from the european central bank. one from the i.m.f. an organization would has gone downhill. >>neil: the same one that says the world is in for stinky times. >>guest: i agree with that and america provides 18 percent of the money to the i.m.f. so american money is being used. >>neil: what do you tell tuesday do? >>guest: get a grip. you are the biggest player. get a grip. get rid of the woman who is an offshore post. >>neil: she has been criticizing the way we conduct our fiscal policy in the united states, some of the criticism is warranted but she goes after the very people who are trying to correct it which makes --. >>guest: and paying her vast salary which she pays no tax. the great battle happening in america, happening in europe, the battle of bureaucracy versus democracy. i want to get democracy back. people like these two in the i.m.f. should not be calling the shots. >>neil: do you get a sense, though, that all the world has an inflection point, more governme

and they fired back at the president when he suggested changing the tax law to affect that company and it will come up in the v.p. debate and more down the stretch especially if prices are around $4 a gallon. >>eric: what do you think of the idea of relaxing the epa standards? the way i understand it, it is the california epa standard and keeping the national epa standard in place with the blending requirement. what do you think of that idea? >>guest: i'm not an energy expert but the politicians always have to be active in this situation you cannot just it is back and all the people in california, they are upset, they want something done. you can just say, we cannot do anything, it is up to the speculators and the markets. you have to try something. even though a last times when you do something, times it doesn't work. you have to be active whether you are a democrat or republican. you have to respond to the concerns. when you are spending this amount of money, $70 or $80 to fill up the tank, you have less money for food, less money for college tuition. >>imus: is governor romney m

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